3468 Investment Credit

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3468

Investment Credit

Department of the Treasury
Internal Revenue Service

Attach to your tax return.
Go to www.irs.gov/Form3468 for instructions and the latest information.

Form

OMB No. 1545-0155

Name(s) shown on return

Part I

2023

Attachment
Sequence No. 174
Identifying number

Facility Information (see instructions)

TREASURY/IRS
AND OMB USE
ONLY DRAFT
August 1, 2023
DO NOT FILE

A

Check this box if you have petitioned for provisional emission rates and have also received written approval from a certified
third-party verifier or a letter from the IRS . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1

Description of the facility:

2a
b
3
a

IRS-issued registration number for the facility:
Type of facility (solar, geothermal, etc.):
Location of facility, including coordinates (latitude and longitude).
Address of the facility (if applicable):

b Coordinates (if applicable). Latitude:

.

Enter a “+” (plus) or “-” (minus) sign in the first box.

4
5
6
7
a
b
c
8
a
b
c
d
9
a
b
c
10
a
b
c
11
a
b
c
d
e
f
12
a
b
c
d
e
f

Longitude:

.

Enter a “+” (plus) or “-” (minus) sign in the first box.

Date construction began (MM/DD/YYYY):
Date placed in service (MM/DD/YYYY):
Is the facility part of an expansion of an existing closed-loop biomass or open-loop biomass facility?
Yes
No
Does the project produce a net output of less than 1 megawatt (MW) alternating current (ac), or equivalent thermal energy?
Yes.
No.
Not applicable, the facility doesn’t produce electricity.
Does the project satisfy the prevailing wage and apprenticeship requirements?
Yes, and sections 48C(e)(5) and (6) apply, and it was declared as provided per Notice 2023-18.
Yes, and either (i) section 48(a)(9)(B)(ii) applies if construction began before January 29, 2023; or (ii) sections 48(a)(10) and
(11) apply.
No.
Not applicable.
Does the property qualify for a domestic content bonus credit per section 45(b)(9)(B)?
Yes, and section 48(a)(9)(B) is satisfied (10% bonus). Attach the required information.
Yes, and section 48(a)(9)(B) is not satisfied (2% bonus). Attach the required information.
No.
Does the project qualify for an energy community bonus credit per section 48(a)(14)?
Yes, and section 48(a)(9)(B) is satisfied (10% bonus).
Yes, and section 48(a)(9)(B) is not satisfied (2% bonus).
No.
Does the project qualify as a solar or wind facility in connection with low-income communities bonus credit per section 48(e)(2)?
Yes, and the facility is located in a low-income community per section 45D(e) (10% bonus).
Yes, and the facility is located on Indian land per section 2601(2) of P.L. 102-486 (10% bonus).
Yes, and the facility is part of a qualified low-income residential building project facility per section 48(e)(2)(B) (20% bonus).
Yes, and the facility is part of a qualified low-income economic benefit project facility per section 48(e)(2)(C) (20% bonus).
If “Yes” to 11a, 11b, 11c, or 11d, enter your 48(e) Control Number:
No.
Enter the nameplate capacity or storage capacity.
Solar energy property or facility nameplate capacity:
kilowatt (kW) direct current (dc)
Small wind energy property or facility nameplate capacity:
kW
Wind energy property or facility nameplate capacity:
kW
Energy storage power capacity rating
kW, and energy storage capacity, if applicable, associated with
the energy property or facility:
kWh (hour)
Solar or wind nameplate capacity is 5MW ac or more
Not applicable.

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 12276E

Form 3468 (2023)

Page 2

Form 3468 (2023)

Part I

Facility Information (see instructions) (continued)

13

Enter the nameplate capacity, alternating current (ac) for all electricity generating energy properties or facilities in kW.
a
Solar energy property:
b
Wind energy property:
c
Other:
d
Not applicable.
14
Are you claiming the investment credit as a lessee based on a section 48(d) (as in effect on November 4, 1990) election?
Yes
No
If “Yes,” complete lines 14a through 14e. If you acquired more than one property as a lessee, attach a statement showing the
information below separately reported for each property.
a Name of lessor:
b Address of lessor:
c Description of property:
d Amount for which you were treated as having acquired the property . . . . . . . . . . . .
$
e Income inclusion amount reported for tax year under Regulations section 1.50-1 . . . . . . . .
$

Part II

TREASURY/IRS
AND OMB USE
ONLY DRAFT
August 1, 2023
DO NOT FILE
Qualifying Advanced Coal Project Credit and Qualifying Gasification Project Credit

Section A—Qualifying Advanced Coal Project Credit Under Section 48A (see instructions)
1a Enter the qualified investment in integrated gasification
combined cycle property placed in service during the
tax year for projects described in section 48A(d)(3)(B)(i)
1a
b Multiply line 1a by 20% (0.20) . . . . . . . . . . . . . . . .
1b
2a Enter the qualified investment in advanced coal-based
generation technology property placed in service
during the tax year for projects described in section
48A(d)(3)(B)(ii) . . . . . . . . . . . . .
2a
b Multiply line 2a by 15% (0.15) . . . . . . . . . . . . . . . .
2b
3a Enter the qualified investment in advanced coal-based
generation technology property placed in service
during the tax year for projects described in section
48A(d)(3)(B)(iii) . . . . . . . . . . . . .
3a
b Multiply line 3a by 30% (0.30) . . . . . . . . . . . . . . . .
3b
Section B—Qualifying Gasification Project Credit Under Section 48B (see instructions)
4a

Enter the qualified investment in qualified gasification
property placed in service during the tax year for which
credits were allocated or reallocated after October 3,
2008, and that includes equipment that separates and
sequesters at least 75% of the project’s carbon dioxide
emissions . . . . . . . . . . . . . . .

b Multiply line 4a by 30% (0.30) . . . . . . . . .
5a Enter the qualified investment in property other than in
4a above placed in service during the tax year . . .

4a
. .

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.

4b

5a
5b
b Multiply line 5a by 20% (0.20) . . . . . . . . . . . . . . . .
6
6
Enter the applicable unused investment credit from cooperatives (see instructions)
7
Add lines 1b, 2b, 3b, 4b, 5b, and 6. Report this amount on Form 3800, Part III, line 1a

Part III
1a

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7

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3

Qualifying Advanced Energy Project Credit Under Section 48C (see instructions)

Enter the qualified investment in advanced energy
project property placed in service during the tax year

1a

b If you checked the box in Part I, line 8a, and it’s
consistent with your 48C application per Notice
2023-18, enter 30%. If you checked the box in Part I,
line 8c, enter 6% . . . . . . . . . . . .
c
d
e
2
3

1b
%
Multiply line 1a by line 1b . . . . . . . . . . . . . . . . . .
1c
Enter your 48C Allocation control number
Yes
No
Is the facility in a section 48C energy community census tract?
Enter the applicable unused investment credit from cooperatives (see
instructions) . . . . . . . . . . . . . . . . . . . . . .
2
Add lines 1c and 2. Report this amount on Form 3800, Part III, line 1d . . . . . .

.

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Form 3468 (2023)

Page 3

Form 3468 (2023)

Part IV
1a

Advanced Manufacturing Investment Credit Under Section 48D (see instructions)

Check the box below that applies to your advanced
manufacturing investment project.

Semiconductor manufacturing facility
Semiconductor equipment manufacturing facility
b Enter the basis in qualified property as part of an
advanced manufacturing facility, placed in service
during the tax year . . . . . . . . . . . .
c
2
3

TREASURY/IRS
AND OMB USE
ONLY DRAFT
August 1, 2023
DO NOT FILE

1b
Multiply line 1b by 25% (0.25) . . . . . . . . . . . . . . . .
Enter the applicable unused investment credit from cooperatives (see
instructions) . . . . . . . . . . . . . . . . . . . . . .
Add lines 1c and 2. Report this amount on Form 3800, Part III, line 1o .

Part V
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1f
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Energy Credit Under Section 48

Section A—Geothermal Energy Credit (see instructions)
1a Enter the basis of property using geothermal energy
placed in service during the tax year . . . . . .

b If you checked the box in Part I, line 7a or 8b, enter
30%. If you checked the box in Part I, line 7b or 8c,
enter 6% . . . . . . . . . . . . . . .

c Multiply line 1a by line 1b . . . . . . . . . . .
d If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 1f . . . . . . . . . .
e
f

.

Reserved for Future Use

Reserved for future use

Part VI

1c

Multiply line 1a by line 1d . . . . . . . . . . .
If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 2 . . . . . . . . . .

g Multiply line 1a by line 1f . . . . . . . . . . .
2
Add lines 1c, 1e, and 1g . . . . . . . . . . .
Section B—Solar Energy Credit (see instructions)
3a Enter the basis of property using solar illumination
(including electrochromic glass) or either solar energy
property or solar facility placed in service during the tax
year . . . . . . . . . . . . . . . . .

1a

%

1c

%

1e

%

.

3a

b If you checked the box in Part I, line 7a or 8b, enter
30%. If you checked the box in Part I, line 7b or 8c,
enter 6% . . . . . . . . . . . . . . .

3b
%
c Multiply line 3a by line 3b . . . . . . . . . . . . . . . . . .
3c
Caution: Property described under section 48(a)(3)(ii) does not qualify for the solar
facility in connection with low-income community bonus credit under section 48(e). If
completing Section B for a section 48(a)(3)(ii) property, skip lines 3d through 3j, and
go to line 3k.
d If you checked the box in Part I, line 11a or 11b, enter
10%. If you checked the box in Part I, line 11c or 11d,
enter 20%. However, if you checked the box in Part I,
line 11f; or Part I, line 12e (in relation to lines 11a, 11b,
11c, or 11d), you don’t qualify for the bonus credit. In
that situation, enter 0% here, go to line 3j and enter -0(zero), and then go to line 3k . . . . . . . . .
%
3d
e Enter the nameplate capacity you were allocated in the
allocation letter . . . . . . . . . . . . .
3e
f If the entry on Part I, line 12a, equals the entry on line
3e, multiply line 3a by line 3d and go to line 3j.
Otherwise, continue to line 3g . . . . . . . .
3f
g If the entry on Part I, line 12a, is more than the entry on
line 3e, divide line 3e by Part I, line 12a . . . . .
3g
3h
h Multiply line 3d by line 3g . . . . . . . . .
Form 3468 (2023)

Page 4

Form 3468 (2023)

Part VI

Energy Credit Under Section 48 (continued)

Section B—Solar Energy Credit (see instructions) (continued)
i Multiply line 3a by line 3h . . . . . . . . . .
3i
j If Part I, line 12a, is more than the entry on line 3e, enter the amount from line
3i. Otherwise, enter the amount from line 3f . . . . . . . . . . .
k

If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 3m . . . . . . . . . .

3j

TREASURY/IRS
AND OMB USE
ONLY DRAFT
August 1, 2023
DO NOT FILE

3k
l Multiply line 3a by line 3k . . . . . . . . . . . . .
m If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 4. . . . . . . . . . .
3m
n Multiply line 3a by line 3m . . . . . . . . . . . .
4
Add lines 3c, 3j, 3l, and 3n . . . . . . . . . . . .
Section C—Qualified Fuel Cell Property (see instructions)
5a Enter the basis of property using qualified fuel cell
property placed in service during the tax year that was
acquired after 2005 and before October 4, 2008, and
the basis attributable to construction, reconstruction,
or erection by the taxpayer after 2005 and before
October 4, 2008 . . . . . . . . . . . . .
5a
b Multiply line 5a by 30% (0.30) . . . . . . . .
5b
c Enter the applicable kilowatt capacity of property on
line 5a (see instructions) . . . . . . . . . .
5c
d Multiply line 5c by $1,000. . . . . . . . . .
5d
e Enter the smaller of line 5b or line 5d . . . . . . . . .
f Enter the basis of property using qualified fuel cell
property placed in service during the tax year that is
attributable to periods after October 3, 2008 . . .
5f
g If you checked the box in Part I, line 7a or 8b, enter
30%. If you checked the box in Part I, line 7b or 8c,
enter 6% . . . . . . . . . . . . . . .
5g
5h
h Multiply line 5f by line 5g . . . . . . . . . .
i If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 5l . . . . . . . . . .
5i
j Multiply line 5f by line 5i . . . . . . . . . .
5j
k Reserved for future use . . . . . . . . . . . . .
l If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 5n . . . . . . . . . .
5l
5m
m Multiply line 5f by line 5l . . . . . . . . . .
5n
n Add lines 5h, 5j, and 5m . . . . . . . . . .
o Enter the applicable kilowatt capacity of property on
line 5f (see instructions) . . . . . . . . . .
5o
5p
p Multiply line 5o by $3,000 . . . . . . . . .
q Enter the smaller of line 5n or line 5p . . . . . . . . .
6
Add lines 5e and 5q . . . . . . . . . . . . . .
Section D—Qualified Microturbine Property (see instructions)
7a Enter the basis of property using microturbine property
placed in service during the tax year that was acquired
after 2005, and the basis attributable to construction,
reconstruction, or erection by the taxpayer after 2005
7a
b If you checked the box in Part I, line 7a or 8b, enter
10%. If you checked the box in Part I, line 7b or 8c,
enter 2% . . . . . . . . . . . . . . .
7b
7c
c Multiply line 7a by line 7b
. . . . . . . . .
d If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 7g . . . . . . . . . .
7d

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Form 3468 (2023)

Page 5

Form 3468 (2023)

Part VI

Energy Credit Under Section 48 (continued)

Section D—Qualified Microturbine Property (see instructions) (continued)
e Multiply line 7a by line 7d
. . . . . . . . .
7e
f Reserved for future use . . . . . . . . . . . . . . . . . .
7f
g If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 7i . . . . . . . . . .
%
7g
h Multiply line 7a by line 7g
. . . . . . . . .
7h
i Add lines 7c, 7e, and 7h . . . . . . . . . . . . . . . . . .
7i
j Enter the applicable kilowatt capacity of property on
line 7a (see instructions) . . . . . . . . . .
7j
k Reserved for future use . . . . . . . . . .
7k
l Multiply line 7j by $200 . . . . . . . . . . . . . . . . . .
7l
8
Enter the smaller of line 7i or line 7l . . . . . . . . . . . . . . . . . . . . . .
8
Section E—Combined Heat and Power System Property (see instructions)
Caution: You can’t claim this credit if the electrical capacity of the property is more than 50 megawatts or has a mechanical energy
capacity of more than 67,000 horsepower or an equivalent combination of electrical and mechanical energy capabilities.
9a Enter the basis of property using combined heat and
power system placed in service during the tax year .
9a
b If the electrical capacity of the property is measured in:
• Megawatts, divide 15 by the megawatt capacity.
Enter 1.0 if the capacity is 15 megawatts or less.
• Horsepower, divide 20,000 by the horsepower. Enter
1.0 if the capacity is 20,000 horsepower or less . .
.
9b
c Multiply line 9a by line 9b . . . . . . . . . .
9c
d If you checked the box in Part I, line 7a or 8b, enter
30%. If you checked the box in Part I, line 7b or 8c,
enter 6% . . . . . . . . . . . . . . .
%
9d
9e
e Multiply line 9c by line 9d . . . . . . . . . . . . . . . . . .
f If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 9h . . . . . . . . . .
9f
%
g Multiply line 9c by line 9f . . . . . . . . . . . . . . . . . .
9g
h If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 10 . . . . . . . . . .
9h
%
i Multiply line 9c by line 9h . . . . . . . . . . . . . . . . . .
9i
10
Add lines 9e, 9g, and 9i . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Section F—Qualified Small Wind Energy Property (see instructions)

TREASURY/IRS
AND OMB USE
ONLY DRAFT
August 1, 2023
DO NOT FILE

11a

Enter the basis of property using small wind energy
property placed in service during the tax year that was
acquired after October 3, 2008, and before 2009 and the
basis attributable to the construction, reconstruction, or
erection by the taxpayer after October 3, 2008, and
before 2009 . . . . . . . . . . . . . .

11a
11b
. .
. . . . .
energy
that is
. .
11d
8b, enter
7b or 8c,
. . .
11e
. . . . . .

b Multiply line 11a by 30% (0.30) . . . . . .
c Enter the smaller of line 11b or $4,000 . . .
d Enter the basis of property using small wind
property placed in service during the tax year
attributable to periods after 2008 . . . . .
e

If you checked the box in Part I, line 7a or
30%. If you checked the box in Part I, line
enter 6%
. . . . . . . . . . .

f

Multiply line 11d by line 11e .

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%
11f
Form 3468 (2023)

Page 6

Form 3468 (2023)

Part VI

Energy Credit Under Section 48 (continued)

Section F—Qualified Small Wind Energy Property (see instructions) (continued)
g If you checked the box in Part I, line 11a or 11b, enter
10%. If you checked the box in Part I, line 11c or 11d,
enter 20%. However, if you checked the box in Part I,
line 11f; or Part I, line 12e (in relation to lines 11a, 11b,
11c, or 11d), you don’t qualify for the bonus credit. In
that situation, enter 0% here, go to line 11m and enter
-0- (zero), and then go to line 11n . . . . . . .
%
11g
h Enter the nameplate capacity you were allocated in the
allocation letter . . . . . . . . . . . . .
11h
i If the entry on Part I, line 12b, equals the entry on line
11h, multiply line 11d by 11g and go to line 11m.
Otherwise, continue to line 11j . . . . . . . .
11i
j If the entry on Part I, line 12b, is more than the entry on
line 11h, divide line 11h by Part I, line 12b . . . .
11j
11k
k Multiply line 11g by line 11j . . . . . . . . .
11l
l Multiply line 11d by line 11k . . . . . . . . .
m If Part I, line 12b, is more than the entry on line 11h, enter the amount from line
11l. Otherwise, enter the amount from line 11i . . . . . . . . . . .
11m
n If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 11p
. . . . . . . . .
11n
%
o Multiply line 11d by line 11n . . . . . . . . . . . . . . . . .
11o
p If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 12 . . . . . . . . . .
%
11p
q Multiply line 11d by line 11p . . . . . . . . . . . . . . . . .
11q
12
Add lines 11c, 11f, 11m, 11o, and 11q . . . . . . . . . . . . . . . .
Section G—Waste Energy Recovery Property (see instructions)
13a Enter the basis of property using waste energy
recovery placed in service during the tax year . . .
13a
b If you checked the box in Part I, line 7a or 8b, enter
30%. If you checked the box in Part I, line 7b or 8c,
enter 6% . . . . . . . . . . . . . . .
13b
%
c Multiply line 13a by line 13b . . . . . . . . . . . . . . . . .
13c
d If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 13f . . . . . . . . . .
%
13d
e Multiply line 13a by line 13d . . . . . . . . . . . . . . . . .
13e
f If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 14 . . . . . . . . . .
13f
%
g Multiply line 13a by line 13f . . . . . . . . . . . . . . . . .
13g
14
Add lines 13c, 13e, and 13g . . . . . . . . . . . . . . . . . . . .
Section H—Geothermal Heat Pump Systems (see instructions)
15a Enter the basis of property using geothermal heat
pump systems placed in service during the tax year .
15a
b If you checked the box in Part I, line 7a or 8b, enter
30%. If you checked the box in Part I, line 7b or 8c,
enter 6% . . . . . . . . . . . . . . .
%
15b
15c
c Multiply line 15a by line 15b . . . . . . . . . . . . . . . . .
d If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 15f . . . . . . . . . .
15d
%
e Multiply line 15a by line 15d . . . . . . . . . . . . . . . . .
15e
f If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 16 . . . . . . . . . .
15f
%

TREASURY/IRS
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August 1, 2023
DO NOT FILE
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Form 3468 (2023)

Page 7

Form 3468 (2023)

Part VI

Energy Credit Under Section 48 (continued)

Section H—Geothermal Heat Pump Systems (see instructions) (continued)
g Multiply line 15a by line 15f . . . . . . . . . . . . . . . . .
15g
16
Add lines 15c, 15e, and 15g . . . . . . . . . . . . . . . . . . . .
Section I—Energy Storage Technology Property (see instructions)
17a Enter the basis of property using energy storage
technology placed in service during the tax year . .
17a
b If you checked the box in Part I, line 7a or 8b, enter
30%. If you checked the box in Part I, line 7b or 8c,
enter 6% . . . . . . . . . . . . . . .
%
17b
17c
c Multiply line 17a by line 17b . . . . . . . . . . . . . . . . .
Caution: For lines 17d through 17j, the energy storage technology property must be
installed in connection with a solar or wind energy property under section 45(d)(1),
48(a)(3)(A)(i), or 48(a)(3)(A)(vi) that qualifies for the low-income community bonus credit
under section 48(e) to also qualify for the bonus credit. If the energy storage
technology property is not installed in connection with such solar or wind energy
property, then skip lines 17d through 17j, and go to line 17k.
d If you checked the box in Part I, line 11a or 11b, enter
10%. If you checked the box in Part I, line 11c or 11d,
enter 20%. However, if you checked the box in Part I,
line 11f; or Part I, line 12e (in relation to lines 11a, 11b,
11c, or 11d), you don’t qualify for the bonus credit. In
that situation, enter 0% here, go to line 17j and enter
-0- (zero), and then go to line 17k
. . . . . .
17d
%
e Enter the nameplate capacity you were allocated in the
allocation letter for the solar or wind energy property in
connection with the energy storage technology . .
17e
f If the relevant entry on Part I, line 12a, line 12b, or line
12c, equals the entry on line 17e, multiply line 17a by
line 17d and go to line 17j. Otherwise, continue to line
17g . . . . . . . . . . . . . . . . .
17f
g If the relevant entry on Part I, line 12a, line 12b, or line
12c, is more than the entry on line 17e, divide line 17e
by Part I, line 12a, line 12b, or line 12c . . . . .
17g
h Multiply line 17d by line 17g . . . . . . . . .
17h
17i
i Multiply line 17a by line 17h . . . . . . . . .
j If the entry for the solar or wind energy property in connection with the energy
storage technology on Part I, line 12a, line 12b, or line 12c, is more than the
entry on line 17e, enter the amount from line 17i. Otherwise, enter the amount
from line 17f . . . . . . . . . . . . . . . . . . . . . .
17j
k If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 17m . . . . . . . . .
17k
%
l Multiply line 17a by line 17k . . . . . . . . . . . . . . . . .
17l
m If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 18 . . . . . . . . . .
%
17m
17n
n Multiply line 17a by line 17m . . . . . . . . . . . . . . . . .
18
Add lines 17c, 17j, 17l, and 17n . . . . . . . . . . . . . . . . . .

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AND OMB USE
ONLY DRAFT
August 1, 2023
DO NOT FILE

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Form 3468 (2023)

Page 8

Form 3468 (2023)

Part VI

Energy Credit Under Section 48 (continued)

Section J—Qualified Biogas Property (see instructions)
19a Enter the basis of property using biogas placed in
service during the tax year . . . . . . . . .

19a

b If you checked the box in Part I, line 7a or 8b, enter
30%. If you checked the box in Part I, line 7b or 8c,
enter 6% . . . . . . . . . . . . . . .

TREASURY/IRS
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%
19b
c Multiply line 19a by line 19b . . . . . . . . . . . . . . . . .
d If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 19f . . . . . . . . . .
19d
%
e Multiply line 19a by line 19d . . . . . . . . . . . . . . . . .
f If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 20 . . . . . . . . . .
19f
%
g Multiply line 19a by line 19f . . . . . . . . . . . . . . . . .
20
Add lines 19c, 19e, and 19g . . . . . . . . . . . . . . . . . .
Section K—Microgrid Controllers Property (see instructions)
21a Enter the basis of property using microgrid controllers
placed in service during the tax year . . . . . .
21a
b If you checked the box in Part I, line 7a or 8b, enter
30%. If you checked the box in Part I, line 7b or 8c,
enter 6% . . . . . . . . . . . . . . .
21b
%
c Multiply line 21a by line 21b . . . . . . . . . . . . . . . . .
d If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 21f . . . . . . . . . .
21d
%
e Multiply line 21a by line 21d . . . . . . . . . . . . . . . . .
f If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 22 . . . . . . . . . .
%
21f
g Multiply line 21a by line 21f . . . . . . . . . . . . . . . . .
22
Add lines 21c, 21e, and 21g . . . . . . . . . . . . . . . . . .
Section L—Qualified Investment Credit Facility Property (see instructions)
23a Enter the basis of property using investment credit
facility property placed in service during the tax year
23a
b If you checked the box in Part I, line 7a or 8b, enter
30%. If you checked the box in Part I, line 7b or 8c,
enter 6% . . . . . . . . . . . . . . .
23b
%
c Multiply line 23a by line 23b . . . . . . . . . . . . . . . . .
Caution: For property other than that described under section 45(d)(1), the property
does not qualify for the wind facility in connection with low-income community bonus
credit under section 48(e). Skip lines 23d through 23j, and go to line 23k.
d If you checked the box in Part I, line 11a or 11b, enter
10%. If you checked the box in Part I, line 11c or 11d,
enter 20%. However, if you checked the box in Part I,
line 11f; or Part I, line 12e (in relation to lines 11a, 11b,
11c, or 11d), you don’t qualify for the bonus credit. In
that situation, enter 0% here, go to line 23j and enter
-0- (zero), and then go to line 23k
. . . . . .
e Enter the nameplate capacity you were allocated in the
allocation letter . . . . . . . . . . . . .

23d

19c

19e

19g
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20

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22

21c

21e

21g
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23c

%

23e

f

If the entry on Part I, line 12c, equals the entry on line
23e, multiply line 23a by 23d and go to line 23j.
Otherwise, continue to line 23g
. . . . . . .
g If the entry on Part I, line 12c, is more than the entry on
line 23e, divide line 23e by Part I, line 12c . . . .
h
i

Multiply line 23d by line 23g
Multiply line 23a by line 23h

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23f
23g
23h
23i
Form 3468 (2023)

Page 9

Form 3468 (2023)

Part VI

Energy Credit Under Section 48 (continued)

Section L—Qualified Investment Credit Facility Property (see instructions) (continued)
j If Part I, line 12c, is more than the entry on line 23e, enter the amount from line
23i. Otherwise, enter the amount from line 23f . . . . . . . . . . .
23j
k

If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 23m . . . . . . . . .

TREASURY/IRS
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August 1, 2023
DO NOT FILE

%
23k
l Multiply line 23a by line 23k . . . . . . . . . . . . . . . . .
23l
m If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 24 . . . . . . . . . .
23m
%
n Multiply line 23a by line 23m . . . . . . . . . . . . . . . . .
23n
24
Add lines 23c, 23j, 23l, and 23n . . . . . . . . . . . . . . . . . . . . . . .
24
Section M—Clean Hydrogen Production Facilities as Energy Property (see instructions)
Caution: If you choose to treat specified clean hydrogen production property as energy property, you cannot also take the credit
under section 45V or 45Q.
25a

Enter the basis of property placed in service during the
tax year for the facility that is designed and reasonably
expected to produce qualified clean hydrogen per
section 45V(b)(2)(A) . . . . . . . . . . . .

25a

b If you checked the box in Part I, line 7a or 8b, enter
6%. If you checked the box in Part I, line 7b or 8c,
enter 1.2% . . . . . . . . . . . . . .

25b
c Multiply line 25a by line 25b . . . . . . . . . . . .
d Enter the basis of property placed in service during the
tax year for the facility that is designed and reasonably
expected to produce qualified clean hydrogen per
section 45V(b)(2)(B) . . . . . . . . . . . .
25d
e If you checked the box in Part I, line 7a or 8b, enter
6.5%. If you checked the box in Part I, line 7b or 8c,
enter 1.5% . . . . . . . . . . . . . .
25e
f Multiply line 25d by line 25e . . . . . . . . . . . .
g Enter the basis of property placed in service during the
tax year for the facility that is designed and reasonably
expected to produce qualified clean hydrogen per
section 45V(b)(2)(C) . . . . . . . . . . . .
25g
h If you checked the box in Part I, line 7a or 8b, enter
10%. If you checked the box in Part I, line 7b or 8c,
enter 2% . . . . . . . . . . . . . . .
25h
i Multiply line 25g by line 25h . . . . . . . . . . . .
j Enter the basis of property placed in service during the
tax year for the facility that is designed and reasonably
expected to produce qualified clean hydrogen per
section 45V(b)(2)(D) . . . . . . . . . . . .
25j
k If you checked the box in Part I, line 7a or 8b, enter
30%. If you checked the box in Part I, line 7b or 8c,
enter 6% . . . . . . . . . . . . . . .
25k
l Multiply line 25j by line 25k . . . . . . . . . . . .
25m
m Add lines 25a, 25d, 25g, and 25j . . . . . . .
n If you checked the box in Part I, line 9a, enter 10%. If
you checked the box in Part I, line 9b, enter 2%.
Otherwise, go to line 25p
. . . . . . . . .
25n
o Multiply line 25m by line 25n . . . . . . . . . . . .
p If you checked the box in Part I, line 10a, enter 10%. If
you checked the box in Part I, line 10b, enter 2%.
Otherwise, go to line 26 . . . . . . . . . .
25p
q Multiply line 25m by line 25p . . . . . . . . . . .
26
Add lines 25c, 25f, 25i, 25l, 25o, and 25q . . . . . . .

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25c

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25f

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25i

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25l

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25o

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Form 3468 (2023)

Page 10

Form 3468 (2023)

Part VI

Energy Credit Under Section 48 (continued)

Section N—Totals and Credit Reduction for Tax-Exempt Bonds (see instructions)
27
Add Part VI, lines 2, 4, 6, 8, 10, 12, 14, 16, 18, 20, 22,
24, and 26 . . . . . . . . . . . . . .
27
28
If proceeds of tax-exempt bonds were not used to
finance your facility, skip line 29, and go to line 30.
29a

b
c
d
e
30
31
32

TREASURY/IRS
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August 1, 2023
DO NOT FILE

Divide. Sum, for the tax year and all prior tax
years, of all proceeds of tax-exempt
bonds (within the meaning of section
103) used to finance the qualified facility .
Aggregate amount of additions to the
capital account for the qualified facility,
for the tax year and all prior tax years,
as of the close of the tax year

.

29a

Multiply line 27 by line 29a . . . . . . . . .
29b
Multiply line 27 by 15% (0.15) . . . . . . . .
29c
Enter the smaller of line 29b or line 29c . . . . .
29d
Subtract line 29d from line 27 . . . . . . . .
29e
If proceeds of tax-exempt bonds were used to finance your facility, enter the
amount from line 29e. Otherwise, enter the amount from line 27 . . . . .
Enter the applicable unused investment credit from cooperatives (see
instructions) . . . . . . . . . . . . . . . . . . . . . .
Add lines 30 and 31. Report this amount on Form 3800, Part III, line 4a

Part VII

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32

Rehabilitation Credit Under Section 47 (see instructions)

1a Was there a prior 170(h) deduction on this property?
Yes
No
b If “Yes” to line 1a, then provide the prior NPS number . . . . . . . . . . .
c Check this box if you are electing under section 47(d)(5) to take your qualified rehabilitation expenditures into account for the
tax year in which paid (or, for self-rehabilitated property, when capitalized). This election applies to the current tax year and to
all later tax years. You may not revoke this election without IRS consent . . . . . . . . . . . . . . . . .
d Enter the dates for the 24- or 60-month measuring period.
Beginning date:
End date:
e Enter the adjusted basis of the building as of the beginning date above (or the first day of your holding
period, if later) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
f Enter the amount of the qualified rehabilitation expenditures incurred, or treated as incurred, during the
period on line 1d above . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
g Enter the amount of qualified rehabilitation expenditures 1g
h For pre-1936 buildings under the transition rule, multiply line 1g by 10% (0.10)
1h
i For certified historic structures under the transition rule, multiply line 1g by
20% (0.20) . . . . . . . . . . . . . . . . . . . . . .
1i
j For certified historic structures with expenditures paid or incurred after 2017
and not under the transition rule, multiply line 1g by 4% (0.04) . . . . .
1j
Note: This credit is allowed for a 5-year period beginning in the tax year that
the qualified rehabilitated building is placed in service.
k

2
3

If you completed line 1i or 1j, enter the assigned NPS project number or the
pass-through entity’s employer identification number
and the date the NPS approved the Request for Certification of Completed
Work
.
Enter the applicable unused investment credit from cooperatives (see instructions)
Add lines 1h, 1i, 1j, and 2. Report this amount on Form 3800, Part III, line 4k . .

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Form 3468 (2023)